Monday, January 30, 2023
HomeDigit NewsWhy digital wallets will replace plastic cards in the future

Why digital wallets will replace plastic cards in the future



A 2021 study by Chase Bank found that 47 percent of members already use contactless payments. According to them, it is much more convenient for them.

It turns out that from the status of a cardholder a person goes to the status of an account owner. Further evidence that plastic cards are becoming less needed is the rapid adoption of technologies such as Digital Payment Documents.

In addition, according to Nilesh Mehta, founder and CEO of Independence Bridge Consulting, several firms are spending billions of dollars to make simple credit and debit cards obsolete. These companies include Apple, Google, PayPal, Goldman Sachs.

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Of course, not all older people are comfortable with digital wallets. However, the pandemic has increased their interest in contactless payment methods: as the US Federal Reserve notes, in 2020, people aged 65+ paid for purchases with cash 7 percent less than in 2019.

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